End of an era: Martin Gilbert’s legacy as he steps down from Standard Life Aberdeen chief executive role March 13, 2019 City veteran Martin Gilbert stepped down as joint chief executive of Standard Life Aberdeen this morning as the investment firm ditched the management structure put in place following the 2017 merger of Standard Life and Aberdeen Asset Management. The move brings to an end Gilbert's 36-year reign as chief executive of Aberdeen Asset Management, and Standard [...]
Sterling drops against the dollar as traders prepare for Brexit votes March 12, 2019 The pound was down 0.6 per cent against the dollar today as traders and their advisors steeled themselves for more Brexit turmoil. The morning saw sterling fall by more than one per cent against the dollar to a low of $1.301 after the government’s chief legal advisor said the current Brexit deal could leave the UK locked in a [...]
UK bank shares: A pre-Brexit view March 12, 2019 Some UK bank shares have made massive profits for shareholders, but how should you play the sector now? It’s been a few weeks since the last of the big UK-listed banks published results for 2018, and share price performance since has been varied. Brexit, of course, has played its part and, with some lenders up [...]
Barclays, Lloyds and Natwest launch business hubs as branch closures hit small firms March 11, 2019 Three of the UK’s largest banks have unveiled plans for joint business hubs amid fears small firms are being hit by branch closures. Natwest, Lloyds Bank and Barclays have announced the pilot, which will see six business banking hubs launched across the country. Read more: Digital bank Monzo in discussion with Post Office over cash [...]
Dublin already the big Brexit winner as financial services firms move business out of London March 11, 2019 DUBLIN looks set to be the big winner from Brexit as financial services firms move business away from London and “chip away” at the City’s influence. A study by think tank New Financial found that 269 banking and finance companies have already moved at least part of their business away from London ahead of Britain’s [...]
HMRC launches first investigations using new corporate money laundering powers March 10, 2019 HM Revenue and Customs (HMRC) has launched its first criminal investigations under a new money laundering offence, freedom of information requests reveal. The tax authority is investigating a handful of cases under the corporate criminal offence of failure to prevent the facilitation of UK tax evasion which was introduced in the Criminal Finances Act 2017 [...]
Leading challenger banks in advanced talks about £1.6bn merger March 9, 2019 OneSavings Bank and Charter Court Financial Services Group are in advanced talks about a merger that would create a lender worth more than £1.6bn Discussions have been ongoing for a number of months between two of Britain's biggest challenger banks and an announcement could confirm a deal within the next fortnight, according to Sky News. Read [...]
Barclays, HSBC, JP Morgan back Wealthiher initiative to help women with wealth March 8, 2019 Some of the City’s biggest firms and major international banks have thrown their weight behind an initiative to help women grow and protect their wealth. Read more: Women-led startups win under 10 per cent of VC funding Wealthiher will showcase the rise in women’s wealth, and highlight the different needs that wealthy women have. The [...]
City Moves for 8 March 2019 – Who’s switching jobs at McCarthy Denning, Fox Williams and MSCI? March 8, 2019 Today's City Moves include McCarthy Denning, Fox Williams and MSCI. McCarthy Denning McCarthy Denning is pleased to announce that Sheikh Bilal Khan has joined the firm as a partner and global head of Islamic finance. Sheikh Bilal Khan is dual-qualified in English and Shariah Law, and has won numerous accolades for his work. He belongs [...]
Nationwide invests in former Barclays CEO’s fintech firm in bid to shake up business banking March 7, 2019 Nationwide has acquired a £15m stake in fintech startup 10x Future Technologies as it looks to boost its digital offering and shake up the business banking sector. The UK’s largest building society has invested in the firm founded by former Barclays boss Antony Jenkins to build a digital platform for its new business current account. [...]